The S&P/ASX 200 Index (ASX: XJO) is on form and on track to record a strong gain. In afternoon trade, the benchmark index is up 1.1% to 6,940.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
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Graincorp Ltd (ASX: GNC)
The Graincorp share price is up 5% to $8.79. Investors have been buying this grain exporter's shares after wheat prices stormed higher. This is the second day in a row that the Graincorp share price has been racing higher, stretching its week to date gain to 13%.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is up almost 3% to $4.23. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded this infection prevention company's shares to add rating with a $4.87 price target. The broker made the move on valuation grounds following recent share price weakness.
NextDC Ltd (ASX: NXT)
The NextDC share price is up 6% to $8.83. This morning the team at Macquarie reiterated its outperform rating on this data centre operator's shares with a trimmed price target of $11.40. The broker notes that the NextDC share price has fallen heavily this year, creating a buying opportunity.
Readytech Holdings Ltd (ASX: RDY)
The Readytech share price is up 27% to $4.12. Investors have been scrambling to buy this enterprise software company's shares after it received a takeover offer. Readytech has received a conditional, non-binding indicative proposal from funds managed or advised by Pacific Equity Partners (PEP) to acquire it by way of a scheme of arrangement at an offer price of $4.50 per share. This was a 38.9% premium to its last close price.
